World Strikes Climate Deal on Financial Aid for Developing Nations After Intense COP29 Negotiations

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At the COP29 summit in Baku, Azerbaijan, world leaders reached an agreement on climate finance, with wealthy nations pledging to provide $300 billion annually by 2035 to assist poorer countries in addressing the severe impacts of climate change. However, the deal came after over two weeks of contentious negotiations and divisions that nearly caused the summit to collapse.

The $300 billion pledge, while a significant commitment, was met with sharp criticism from developing countries, who argued that it fell drastically short of the $1.3 trillion economists say is necessary to help these nations adapt to climate change. India’s representative, Chandni Raina, condemned the amount as “abysmally poor,” labeling the agreement an “optical illusion” that could not tackle the scale of the climate crisis. Similarly, Tina Stege, climate envoy for the Marshall Islands, called out the deal for failing to provide sufficient funding to the most vulnerable nations, blaming fossil fuel interests for blocking progress.

The agreement stipulates that wealthy countries, including the US and European nations, will contribute to the $300 billion, a mix of public and private financing. This pledge builds on a previous commitment made in 2009 for $100 billion annually, which had only been met in 2022. While developing nations had requested a larger sum—$500 billion annually—the proposal was rejected by richer nations, citing current economic constraints.

Another contentious point was the lack of binding contributions from emerging economies like China and Saudi Arabia. Though the deal encourages voluntary contributions from these nations, it imposes no obligations, drawing criticism for failing to adequately address their role in the climate crisis.

The summit was held in a politically charged atmosphere, dominated by fossil fuel interests. Over 1,700 fossil fuel lobbyists attended, surpassing the number of country delegates. Saudi Arabia, a major oil exporter, exerted significant influence, rejecting any reference to fossil fuels in the final agreement, further fueling dissatisfaction.

Despite these challenges, the deal was finalized at 2:40 a.m. local time on Sunday, nearly 30 hours past the original deadline, with more than 30 countries walking out at various points during the negotiations. Mukhtar Babayev, president of COP29, expressed pride in the outcome, stating that skeptics were wrong to doubt the summit’s success.

While some leaders, including Simon Stiell of the UN Framework Convention on Climate Change, hailed the deal as a crucial step forward, many activists and representatives of developing nations remain dissatisfied, arguing that the deal offers little more than a Band-Aid for the deeper financial needs of climate-vulnerable countries.

 

Cher ‘Shocked’ to Discover Her Legal Name Was Different from What She Thought

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In her new memoir, Cher: The Memoir, Part One, the iconic singer and actress Cher reveals an unexpected moment of personal discovery: when she applied to legally change her name in 1979, she was “shocked” to learn that her birth certificate listed her first name as Cheryl, not Cherilyn, as she had always believed.

Cher recalls that for years, she had assumed her full name was Cherilyn. However, when she decided to simplify her name legally to just “Cher,” she was taken aback to find a discrepancy. According to Cher, her mother, Georgia Holt, who gave birth to Cher in 1946 at the age of 19, was too exhausted after labor to properly name her.

The confusion began when a nurse asked her mother for the baby’s name. Cher’s mother, in pain and unsure, jokingly responded with “Cherilyn” after combining names of two people she admired—Lana Turner’s daughter, Cheryl, and her own mother’s name, Lynda.

Later, after learning the truth, Cher confronted her mother, asking, “Do you even know my real name, Mom?” To which Holt humorously replied, “I was only a teenager, and I was in a lot of pain. Give me a break.”

Cher ultimately changed her name in 1979, dropping the additional surnames she had from her father, stepfather, and two ex-husbands. She adopted her famous mononym, “Cher,” which would become one of the most recognizable names in entertainment.

Cher: The Memoir, Part One was published on November 19 and is available now.

From $125,000 Loan to $8 Billion Deal: The Jersey Mike’s Journey

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At the age of 17, Peter Cancro made a bold decision that would turn him into a billionaire. With a $125,000 loan from his football coach, he bought a small sandwich shop called Mike’s Subs in Point Pleasant, New Jersey. At the time, Cancro was still in high school and had no intention of going into business. His plans were to study law at the University of North Carolina at Chapel Hill.

However, after some encouragement from his mother, Cancro reconsidered. What seemed like an improbable move quickly became a reality. The next day, he secured the loan from his coach, who was also a banker. By the time he graduated high school, Cancro was the proud owner of the sandwich shop.

The store was eventually renamed Jersey Mike’s Subs, and today it has grown into a global chain with nearly 3,000 locations. On Tuesday, the company’s latest milestone came when private equity firm Blackstone announced its agreement to acquire a majority stake in Jersey Mike’s. This deal, valued at $8 billion, increased Cancro’s net worth to an estimated $7.5 billion, according to Bloomberg.

In the early years of his ownership, the company faced many hurdles. In 1991, following a series of bank failures in the Northeast, Cancro found himself struggling to keep the business afloat. He had to make difficult decisions, including letting go of his entire corporate staff. Yet, he refused to give up. By 1994, the company was on the mend, and Jersey Mike’s expanded into North Carolina.

By 2006, the business hit another rough patch, as the aftermath of the dot-com bubble burst and aging stores began to impact performance. Cancro took a risky but necessary step, investing millions in store renovations. This decision paid off, and by 2007, Jersey Mike’s was back on track.

Today, Jersey Mike’s boasts an impressive annual sales growth of about 20% since 2019, with $3.3 billion in sales in 2023 alone. The company’s success continues to attract interest, as only 1% of franchise applicants are approved. Opening a new location can cost anywhere from $200,000 to $1.3 million, but with traditional stores averaging $1.2 million in sales per year, the investment can be highly profitable.

Cancro, now 67, will retain a minority but significant equity stake in the company following the deal. He will continue to serve as CEO after the acquisition, which is expected to close early next year. Reflecting on his remarkable journey, Cancro expressed confidence in the company’s future: “We believe we are still in the early innings of Jersey Mike’s growth story.”